AGREE REALTY CORP 8-K

What Happened

• On April 2, 2026, Agree Realty Corporation (ADC) announced its weighted-average number of common shares outstanding for the three months ended March 31, 2026.
• The Company reported 120,059,357 weighted-average common shares outstanding before adjustments and 119,856,418 shares used for basic earnings per share. Diluted shares used for EPS were 120,375,633, and including Operating Partnership Units (OP Units) the total was 120,723,252.

Key Details

• Weighted-average common shares outstanding (pre-adjustment): 120,059,357.
• Basic weighted-average shares used in EPS: 119,856,418 (after subtracting 202,939 unvested restricted shares).
• Diluted weighted-average shares used in EPS: 120,375,633. Including OP Units: 120,723,252.
• Dilutive items: share-based compensation (120,783), ATM forward equity offerings (296,088), April 2025 forward equity offering (102,344). The forward offerings increased weighted-average diluted shares by 398,432.
• Company used the treasury stock method to account for potential dilution from forward equity offerings. Report signed by CFO Peter Coughenour on April 2, 2026.

Why It Matters

• These share counts determine the denominator for basic and diluted earnings per share (EPS) in the company’s Q1 2026 results. Changes in weighted-average shares affect reported EPS even if net income is unchanged.
• The disclosed dilution sources (share-based comp and forward equity offerings) indicate the magnitude of potential share dilution investors should consider when evaluating quarterly EPS and per-share metrics.